IPFI Responds to Irish Divestment

July 13, 2018

On July 12 it was reported that the government of The Republic of Ireland would become the first country in the world to sell off its investments in fossil fuel companies. The divestment bill passed through the lower house of parliament with all-party support and will require the $9.3 billion National Investment Fund to sell its investments in coal, oil, gas and peat “as soon as is practicable.” This divestment action, one that will cost the government of Ireland millions in frictional costs and re-investment fees, came at the behest of an environmental movement aimed at decreasing the financial position of major fossil fuel companies. This type of action is unacceptable to IPFI and our President Christopher Burnham. Political decisions such as this one do not put the needs of the fund at the forefront of decision-making.

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